Ether futures dropped $333 million due to liquidations when the asset plunged 22% to trade below $1900 in an ongoing crypto crash.
The drop in the futures was the most significant among other digital assets, with bitcoin recording $330 million and Terra’s LUNA $130 million in losses.
The overall cryptocurrency futures losses have topped $1.2 billion in the past day amid the major drop. Bitcoin is down 11%, BNB 26%, and SOL 37%.
Terra LUNA has been thrown out of the top ten crypto list after recording a record 96% plunge to rank at number 81, trading at $0.4.
The highest liquidations were seen in OKX exchange, which reached $393 million, while Binance and Bybit lost $389 million and $155 million, respectively.
Cryptocurrency liquidations happen when the traders have insufficient funds to finance a margin call, an extra demand for collateral needed by the market to maintain a position.